Hanover, Pennsylvania-based Utz Brands Inc., a U.S. manufacturer of branded salty snacks, has appointed Pamela Stewart to the Utz Board of Directors. As a director on the board, Stewart also will serve on the board’s compensation committee and provide strategic input to the Utz management team.
“We are excited to welcome Pamela Stewart to the board of directors,” said Roger Deromedi, chairman of the board of Utz, at the Dec. 9 meeting. “As a high-level CPG executive, she brings a wealth of knowledge in the consumer-packaged goods space. We look forward to working with Pamela and leveraging her many experiences to enhance shareholder value in the near- and long-term.”
Stewart is the president of West Zone Operations for the North America Operating Unit of The Coca-Cola Co. During her 20-plus year tenure at Coca-Cola, she has held leadership positions across finance, revenue growth management, sales, operations and general management.
Stewart brings a wide range of food and beverage experiences, particularly in working with major retailers and developing new business. She received a bachelor’s degree from Georgia State University and an MBA from Oglethorpe University.
“I’m very excited to begin working with the Utz Board and management team,” Stewart said. “Utz has a unique and storied history in the snack food industry. As it celebrates its 100-year anniversary, I’m excited to contribute and play a role in shaping Utz’s next century of growth.”
Board increases dividend
Also at the meeting, the board approved an annual dividend increase from $0.20 to $0.216 per share. This increase is supported by the company’s growth since going public in 2020.
The increase is effective as of Dec. 9, and the Utz Board of Directors has declared a regular quarterly cash dividend of approximately $0.054 per share on the Company’s Class A Common Stock. Payment is expected to be made by the company on Jan. 10 to stockholders of record at the close of business on Dec. 20, 2021.
The cash dividend will be funded by cash distributions made by Utz Brands Holdings LLC to Utz and the other holders of Utz Brands Holdings’ common units on a pro-rata basis.
Future declarations of quarterly or other dividends are subject to the determination and discretion of the Utz Board of Directors based on its consideration of various factors, including the company’s results of operations, financial condition and other factors that the board may deem relevant.
Utz Brands snack foods can be found in leading retailers across the U.S. or available online at Utzsnacks.com.
